Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0141%/8h= +15.5% APRpaid last 24h +0.009%

Price spread now: Variational Omni against Paradex−0.095%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.095% cheaper against Paradex than usual: you would sell low and buy high (spread −0.095% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 2.2 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex XPL-USD-PERP	0.09525	−0.0041	get 0.0041% / 8h	21m 11s	$12K	$696	5x
Short	Variational Omni XPL	0.09516	0.0100	get 0.0050% / 4h	21m 11s	$1.7M	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Paradex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee ParadexbpFee Variational OmnibpOrdersPrice spread, now −0.095%Rate

Funding earned: $29.71
Price spread: −0.095% → 0.000%: −$9.49
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $16.22
Costs to cover: 0.040%
Break-even: 3.2 days

Slippage unknown: Paradex: no order-book sample; Variational Omni: RFQ quote, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Paradex no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	4.20 bp	doesn't fit	72.5 bp −$725	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

XPL on 36 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	−0.1464%	1h	0.09503	−0.229%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0520%	1h	0.09515	−0.103%	$553	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0275%	1h	0.09521	−0.040%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09526	+0.015%	$105K	—	100x	as long as short
Paradex XPL-USD-PERPlong	−0.0041%	8h	0.09525	long leg	$12K	$696	5x
Orderly PERP_XPL_USDC	−0.0026%	4h	0.09519	−0.061%	$30K	$286K	10x	as long as short
Bybit XPLUSDT	−0.0018%	4h	0.09518	−0.071%	$45.3M	$54.0M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09530	+0.051%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.515%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09528	+0.030%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended XPL-USD	+0.0056%	1h	0.09514	−0.113%	$598K	$1.2M	25x	as long as short
OKX XPL-USDT-SWAP	+0.0061%	4h	0.09519	−0.061%	$7.6M	$47.6M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09524	−0.008%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09529	+0.041%	$60.2M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09528	+0.034%	$252K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09536	+0.114%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09519	−0.061%	$43.1M	$97.9M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09548	+0.246%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09517	−0.082%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09516	−0.092%	$12.4M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09516	−0.092%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09525	+0.002%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09516	−0.092%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09526	+0.013%	$178K	$189K	10x	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09516	−0.095%	$1.7M	$2.0M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09517	−0.077%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09530	+0.055%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09531	+0.070%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09510	−0.155%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09520	−0.050%	$193	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09524	−0.008%	$131K	$212K	20x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09518	−0.073%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09543	+0.191%	$193K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09519	−0.061%	$1.7M	$921K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09620	+1.000%	$65K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2735%	1h	0.09593	+0.713%	$542K	$937K	10x	as long as short